Management and Organizational Studies 2275A/B Chapter Notes - Chapter 1: Business Process, Old Ways, Severance Package

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Chapter 1 - knowledge of law as a business asset. Law in the business environment avoiding its pitfalls including the enforcement of rights. Effects all aspects of business process (financing, hiring, production) By knowing the law you can maximize the protection that it extends too while. Business law: a set of established rules governing commercial relationships, Protects business ideas and more tangible forms of property. Provides mechanisms that permit businesspeople to select their desired o o o degree of participation and exposure to risk in business ventures o them o. Seeks to ensure that losses are borne by those who are responsible for. Makes those who break the law accountable for. Breach of contract: failure to comply with a contractual. Age of majority: becomes an adult for legal purposes. Facilitates personal interactions providing rules on marriage, adoption, etc. governing the marketplace therefore facilitate planning and the enforcement of expectations to prevent disputes facilitate.